How to Seamlessly Combine Finances with Your Partner

How to Combine Finances with Your Partner: Top Tips for Success

You met, dated, fell in love, and now are ready to move in together... but are you ready to share your finances? More and more couples are moving in together ahead of marriage and aren't yet ready to combine finances in a joint bank account, since combining finances with your partner is a significant milestone in any relationship. Moving in together isn't just about having joint expenses now,; it's about fostering trust, transparency, and working together towards shared goals. Here are some practical tips for couples to manage their finances and not break up over them!

Organize Your Shared Expenses

One of the most common challenges couples face when managing shared expenses is determining which joint bill is coming from who's bank account. The constant back-and-forth of Venmo payments between couples is such a hassle, not to mention cringy as all your friends and family can see you venmo your partner for rent and you charging them for your last date night. Not to mention, this method can be disorganized, leading to confusion and potential disagreements over who paid for what...

Instead, opt for an app like Tandem to handle joint expenses. Tandem links your cards and automatically pulls in your transactions, allowing you to swipe in the expenses you want to share. You can split expenses at whatever ratio works for you and your partner. Tandem provides insights into your spending, helping you see your combined expenses by category each month. This level of transparency can prevent misunderstandings and keep both partners on the same page.

Create "Yours, Mine, and Ours" Accounts

It's important to acknowledge (and be okay with!) you and your partner not always aligning on expenses and financial goals. Creating a system with "yours, mine, and ours" accounts allows each of you to have your own space and funds to do the things that matter to you individually while still contributing to shared expenses and goals.

Having separate accounts for personal spending can remove any negativity from conversations about money. You won't have to justify your personal expenses to your partner, and they won't have to justify theirs to you. This setup respects each person's financial autonomy and can reduce friction in the relationship.

Keep the Conversation Going

How you split costs might work now, but things can change in the future. Regular communication about finances is essential. Set aside time to discuss your financial situation, goals, and any changes in your income or expenses. Maybe you have a monthly money date, or go into a specific date night knowing you're going to talk about this subject. Being open and honest about your finances will help you both stay on the same page and make adjustments as needed.

Financial conversations don't have to be stressful. Approach them with a positive attitude and a willingness to compromise. Remember, you're a team working towards the same goals.

Combining finances with your partner can be challenging, but it doesn't have to be stressful. Stay organized with your shared expenses, create "yours, mine, and ours" accounts, and keep the conversation going! You can manage your finances together. If you found these tips helpful, check out the Tandem app for couples! Tandem works because not everyone is ready to open a joint account and tracking bills through an Excel spreadsheet can be a nightmare. With Tandem, you can simplify your financial management and focus on what truly matters – your relationship.

Combining finances is a journey, and with the right tools and mindset, you can make it a successful and stress-free one.